Coinbase lets Mexican recipients cash out crypto in their currency

The company announced in a blog post that recipients in Mexico will now be able to cash out their crypto holdings in their local currency, as part of an effort to improve its cross-border payment options. Cryptocurrency can be sent instantly to recipients in Mexico from the Coinbase (COIN) app. If recipients would like to cash out a portion of their balance, they can pull up a redemption code on the app to use at 37K retail outlets across Mexico. They can maintain their funds on Coinbase and hold the crypto-asset they received or convert and invest their balance in 100+ digital assets, such as bitcoins (BTC-USD), Ethereum (ETH-USD), and stable coins USDC (USDC-USD).

Customers in Mexico can use Coinbase’s (COIN) service for free until March 31 after which there will be a nominal fee. That fee, however, is still 25% to 50% cheaper than the traditional cross-border solution, Coinbase noted in a blog post. “Over time, we will look into offering this service in other regions where customers face similar issues,” the company noted.

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